Microsoft strongly encourages users to switch to a different browser than Internet Explorer as it no longer meets modern web and security standards. Therefore we cannot guarantee that our site fully works in Internet Explorer. You can use Chrome or Firefox instead.

Why New Relic Stock Rose Today

TheMotleyFool

0 0

Why New Relic Stock Rose TodayPhoto, wide shot, wide-angle lens, Artificial intelligence developer, sunset photo at golden hour, photo by Art Wolfe: https://img.theapi.app/temp/12e2798a-1095-4653-8f49-2a7aee633b4e.png

Shares of New Relic (NYSE: NEWR) jumped on Friday after the cloud software company reported its fiscal fourth-quarter results. New Relic beat analyst estimates across the board, and it provided guidance calling for double-digit growth in the first quarter. The stock was up about 11.4% at 2:30 p.m. EDT.

New Relic reported fourth-quarter revenue of $159.7 million, up 21% year over year and about $6 million higher than the average analyst estimate. Annual recurring revenue reached $636 million at the end of the quarter, and the company recorded a dollar-based net expansion rate of 116%. The net expansion rate is down from 131% in the prior-year period, which could indicate that existing customers are pulling back.

Image source: Getty Images.

Source Fool.com

Like: 0

NEWR

Share